Render (RENDER) is facing notable bearish pressure due to decreasing interest, in line with the broader market conditions. The RENDER price over the last 24 hours is down by 0.98%, and over the last week it is also down by 3.23%.
Currently, RENDER is trading at $3.94, with a 24-hour trading volume of $48.14 million, down by 33.62% over the last 24 hours. The token has a market capitalization of $2.04 billion, which is slightly down by 0.99%.
Source: CoinMarketCap
The general trend in the crypto market is turning from bearish to bullish after the short-term correction. The major crypto coins are struggling to catch a bullish wave, which is often associated with the upside potential.
The crypto analyst, Smith, noted that Render (RENDER) is showing strong signs of a potential breakout as it nears the end of a prolonged downtrend. A well-defined cup-and-handle formation has started to take shape, a widely recognized bullish continuation signal that often precedes significant upward momentum, drawing heightened attention from traders and analysts alike.
Source: X
Should this configuration hold true, the pattern dictates a breakout price of $13.70 with possible returns of up to +200% from prevailing prices. With the help of growing demand for decentralized GPU rendering in artificial intelligence, the metaverse, and high-end visual content, RENDER might be one of the best performers of this bullish run.
Also Read: Render (RENDER) Price Prediction: Analysts Projects a Breakout Toward $4.20
Render’s (RENDER) weekly chart shows the price is consolidating around $3.95 after a long bearish trend since the early 2024 peak of $12. Tighter Bollinger Bands are a sign of reduced volatility with a potential breakout looming. The spot price is around the mid-band ($3.88) after slight bullish pressure.
Source: TradingView
The RSI is 48.70, and the reading is indicating neutral momentum and not oversold/overbought. The MACD recently flipped positive and is showing early bullish divergence but is not very robust. A breakthrough of $5 resistance would confirm the positive upside, and a failure to hold $3.88 runs the risk of testing the $2.77 support.
According to the data from CMC, the community opinion is overwhelmingly bullish, with 85% of the participants favoring bullish. It means most participants are of the opinion that the price or value of an asset is likely to rise. It is such a huge percentage that it depicts major confidence building up in investors and traders.
Source: CMC
On the other hand, bearish voters are at 15%, meaning there is a lower percentage anticipating the price decrease. Even though it is a minority opinion, it again reflects there is still caution in the market. Overall, sentiment is mostly positive, meaning there is strong upside anticipation.
Also Read: Render Token (RENDER) Gains Attention After Major $20,000 Token Burn
Also read: Crypto Markets Will Rally Once US Treasury Hits $850 Billion Goal: Analyst
